September 17 (Renewables Now) - The Japanese government plans to reduce solar power feed-in tariffs (FiTs) by more than 50% by around the middle of next decade, news agency JIJI has reported, citing informed sources.
The tariffs for solar electricity produced by companies are to go down from JPY 18 (USD 0.16/EUR 0.14) per kWh in the current fiscal year to JPY 8.5 by about fiscal year 2022 to 2024. Households that generate solar electricity will face a fall from JPY 26 now to JPY 11 around fiscal 2025 to 2027.
The step is designed to ease the burden on electricity bills. In fiscal 2018, the costs of utilities' obligatory purchases of solar power are expected to increase 13% year-over-year to JPY 3.1 trillion, of which JPY 2.4 trillion are to be shouldered by their customers.
(JPY 100 = USD 0.892/EUR 0.765)